Can i use a portion of an equity loan interest as a deduction for the purchase of a car i use for self employment.

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1 Best answer

New Member

Jun 5, 2019 3:24:23 PM

No - you will not be able to claim any interest expense for your self-employment business for a car purchased using a portion of the funds you received from your home equity loan.

Instead, you will be able to include the interest on this home equity loan (up to $100,000) as an itemized personal deduction on Schedule A.

New Member

Jun 5, 2019 3:24:23 PM

No - you will not be able to claim any interest expense for your self-employment business for a car purchased using a portion of the funds you received from your home equity loan.

Instead, you will be able to include the interest on this home equity loan (up to $100,000) as an itemized personal deduction on Schedule A.

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Can i use a portion of an equity loan interest as a deduction for the purchase of a car i use for self employment.